UPDATE: Deutsche Bank Reiterates Hold Rating, Raises PT on First Republic Bank on 1Q14 Recap/2Q14 Outlook

In a report published Wednesday, Deutsche Bank analyst Dave Rochester reiterated a Hold rating on

, and raised the price target from $56.00 to $57.00. In the report, Deutsche Bank noted, “Mid cap banks are trading at 13.8x FY15 EPS and 1.8x TBV, versus the historical medians of 13.5x and 2.6x (First Call consensus FY14/FY15 EPS growth estimate is now 10%/9%, still below the historical 10%-12% range). The mid cap bank P/E (FY15) is 95% of the S&P P/E, versus an 81% median and quartile range of 67%- 98% since 2000. Upside catalysts: (1) stronger econ. Conditions (employment, GDP), (2) meaningful M&A activity. Downside risks: (1) Increased macro concerns, (2) declining longer-term interest rates.” First Republic Bank closed on Tuesday at $50.42.